FIRST PROPERTY GROUP PLC - Preliminary Results

First Property Group PLC reported a strong set of FY2026 financial results, demonstrating improving profitability, a strengthened balance sheet and a strategic shift towards proprietary property investment and trading. In its latest investor update, the company announced a 12.2% increase in pre-tax profit to £3.4 million, while underlying annual profits rose 65% to £1.65 million, reflecting growing sustainable earnings. Net debt was reduced by 70% to £6 million, cash balances increased to nearly £7 million, and the group declared its first dividend in several years, signalling renewed confidence in future cash generation. Although third-party assets under management declined to £144 million amid challenging fundraising conditions, management highlighted progress in repositioning the business away from traditional fund management towards direct property ownership, asset trading and value-enhancing opportunities. Key assets continue to perform well, with the flagship Blue Tower office building in Warsaw nearing full occupancy following successful leasing activity, which is expected to support future revenue growth and margins. Despite ongoing structural pressures in UK and European property markets, including tighter lending conditions and regulatory changes, First Property believes its strong liquidity position, reduced leverage and disciplined investment approach provide a solid foundation for long-term company performance. Management remains focused on opportunistic acquisitions, active asset management and capital recycling to drive earnings growth, enhance net asset value and deliver sustainable shareholder returns.